SMM December 16 news:
Today, SMM #1 copper cathode spot prices against the current month 2512 contract were quoted at a discount of 180 yuan/mt to a discount of 70 yuan/mt, with an average premium of 125 yuan/mt, down 185 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 91,320 to 92,030 yuan/mt. In the early session, the SHFE copper 2601 contract mainly traded between 91,500 and 92,150 yuan/mt, with the inter-month spread basically between a discount of 110 yuan/mt and a discount of 70 yuan/mt.
During the day, sellers showed strong sales sentiment, but buying sentiment was weak, leading to a continuous decline in spot premiums, with overall demand being poor. In the early session, suppliers quoted standard-quality copper at around a discount of 140 yuan/mt against the next month contract, and high-quality copper at around a discount of 70 yuan/mt. Later, in the second session, prices fell to a discount of 170 yuan/mt or even 180 yuan/mt for standard-quality copper, and high-quality copper was quoted at a discount of 100 yuan/mt.
Looking ahead, after the delivery of the SHFE copper 2512 contract, suppliers' willingness to circulate spot goods is expected to remain weak, and spot prices are anticipated to maintain a significant discount tomorrow.
